They are unlikely to get 90% as when there is change of control, Wallin gets to increase his stake to around 11%. In addition there are Asian holders who do not intend to sell at this price.
I know of at least 7-8% more that do not intend to sell. Mind you, I know of some other small holders that may sell with the intent of buying back when the price drops. All sorts of problems with that logic in most scenarios.
I wonder what Republic and some Hong Kong holders are thinking given that they came into the company at significantly higher prices?
If they offer a sweetener, they will have to offer it to every one and that pushes the closing date out again. There is then the potential that other players come into the market given that Spring Festival will be over and Kingho will not have the timing advantage that they initially had.
There is also some discussion that there may be a complaint to the takeover panel that the bidders have had access to information re the Feasibility Study that has not been made available to the shareholders in the Target Statement.
Still wondering what is in it for the Board in selling out. There was still cash in the kitty to last a while and there were insinuations about the quality of the feasibility Study and potential backers!! Their Target statement was mediocre to say the least and gave little reason for anyone to hang around.
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